A selection committee will be put together and it will decide who will take the helm of the new company.

"Both incumbent CEOs, as well as external candidates, will be considered in the search process," says Office Depot's press release. "Neil Austrian, the Chairman and CEO of Office Depot, and Ravi Saligram, the President and CEO of OfficeMax will remain in their current positions through the completion of the search process."

The company's name, brands, and the location of the corporate headquarters are still undecided. They will be determined by the new leadership after the committee picks a new CEO.